FAIRFIELD, Conn., Aug. 9, 2007 (PRIME NEWSWIRE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that an agreement has been signed with InnovaSafe, Inc. sublicensing to them the worldwide rights to exclusively market BioEscrow(r) to law firms and life science, biotechnology, and pharmaceutical businesses. CTT will retain the rights to market directly to academic research institutions. BioEscrow, a biological material deposit service, is an alliance between CTT and American Type Culture Collection (ATCC). ATCC will continue to act as the escrow agent for BioEscrow.
Formed in August 2005, BioEscrow provides neutral, third-party assistance to academic research institutions and private sector companies that are exchanging proprietary biological materials, information or technology as part of license agreements or other proprietary arrangements. The service is designed to assist technology companies and universities in protecting valuable biological materials, as well as associated information.
John Stulman, InnovaSafe's Principal Partner stated, "We welcome the opportunity to work with CTT and ATCC. An important part of our mission is to provide solutions that assist licensors to compete effectively and to manage their intellectual property. Our solutions also help licensees manage risk and protect their investment in mission-critical technology. BioEscrow will provide our clients with an effective component in protecting their technology."
"Protecting the integrity and care of biological materials and data is more important than ever in today's security-conscious society," said Aris D. Despo, CTT's Sr. V.P. Business Development. "The agreement with InnovaSafe allows CTT to expand the range of contacts made with the business and legal side of the proprietary biological infrastructure. Combining their attributes with ATCC's experience in cryopreservation and storage of biological matters gives added strength to the abilities and scope of BioEscrow in maintaining the highest standards of security, safety and confidentiality."
BioEscrow ensures that the material remains secure and available to the parties involved, as necessary, during the term of a license agreement. It combines ATCC's expertise in managing storage and distribution of biological materials with CTT's technology commercialization expertise.
"License agreements involving biological materials require a mechanism for assuring the security and continued availability of these materials during the effective term of the agreement," said Dr. Jesus Soriano, ATCC VP of Licensing, Intellectual Property and International Business Development. "The expertise of InnovaSafe and CTT in commercializing intellectual property assures that the escrow service fully supports all elements of a licensing agreement."
Mr. Despo added, "This is an example of CTT effectively expanding its capabilities in serving its clients and customers. Our goal is always to deliver value to generate recurring revenue and increase shareholder value."
About American Type Culture Collection
Founded in 1925, ATCC is the world's premier biological resource center. Its mission is to acquire, authenticate, preserve, produce, develop and share biological materials, information, intellectual property, technology and standards for the advancement, application and validation of scientific knowledge. ATCC provides these core services to government, industry, education, health care and research laboratories around the world. Visit ATCC's website: www.atcc.org.
About InnovaSafe, Inc.
Privately funded, owned, and operated from its inception, InnovaSafe is a leader in the intellectual property risk management marketplace. Offering comprehensive industry understanding, a result of experience, allows InnovaSafe to offer original, cost-effective and highly regarded agreements as well as unmatched benefits and services tailored on an individual basis to meet each client's requirements. InnovaSafe is a pioneer in the modern marketplace of intellectual property risk management, verification and protection solutions. Visit InnovaSafe's website: www.innovasafe.com
About Competitive Technologies, Inc.
Competitive Technologies, established in 1968, is a full service technology transfer and licensing provider focused on the technology needs of its customers and transforming those requirements into commercially viable solutions. CTT is a global leader in identifying, developing and commercializing innovative technologies in life, electronic, nano, and physical sciences developed by universities, companies and inventors. CTT maximizes the value of intellectual assets for the benefit of its customers, clients and shareholders. Visit CTT's website: www.competitivetech.net
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